Austerity Britain? One in 35 Londoners is a Millionaire - Well, Sort Of

WealthInsight say 1 person in 35 is a millionaire, according to a new surveyReuters

Time to start reviewing your Facebook friends who live in London - a new survey states one in 35 people living in the capital city is a millionaire.

That is the startling result of research by consultancy New World Wealth, which found there are more millionaires living in London than any other major city in the world.

But before you start wondering which of your London friends belongs in this exclusive 3%, there is a catch.

Or to be precise, two catches.

The first is that the currency used by Johannesburg-based New World Wealth is US dollars - which aren't much good in London.

Secondly, an individual's wealth is total 'net assets' - a term which in London, basically means property.

House prices there continue to boom as the rest of the UK lags behind London which has a housing market which apparently wants to be the first bubble in history to never go 'pop.'

Which means it is likely the millionaire isn't your London-based Facebook friend, but rather their parents.

Darn those baby-boomers - again.

The survey is testament to the power of London's property market to earn serious money for those on the ladder.

But for real wealth distortion, then, it is Russia which provides the most graphic illustration. In the former heart of the USSR, 60% of all money in people's pockets resides with high net worth individuals. Globally, the rate is 30%.